Wells Fargo Adds $7 Monthly Checking Fee

Wells Fargo customers in six states who had free checking accounts will pay $7 a month for paper statements starting in May, the bank said today.

The plan is being rolled out in Georgia, New Jersey, Delaware, Connecticut, New York and Pennsylvania, but the bank may reportedly expand to other regions. Banks across the country are seeking new ways to raise fees after new federal consumer-protection regulations that have cut into profits.

Stephanie Wei, vice president of deposit products for consumer finance site NerdWallet, said the latest announcement lowers the bank’s ranking in its monthly list of Top 5 banks for checking accounts.